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March 8, 2021
Question

How quickly can Turbo Tax fix an error that they made on my 2020 taxes?

  • March 8, 2021
  • 1 reply
  • 0 views
They took out too many taxes. I'm a high school student that received  around $11,000 of unemployment in 2020.  You were only supposed to tax anything over $12,300.  As a result, I've been charged almost $3,000.00 dollars which is going to be withdrawn from my account by the IRS.  If I close that account. Then they can't take my money.

1 reply

Employee
March 8, 2021

If you are a high school student that means you have to say on your own tax return that you can be claimed as a dependent on someone else's tax return.   Your standard deduction is not the same as someone who cannot be claimed as a dependent.

 

The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).

 

And....since you are a dependent, a tax called the "kiddie tax" may be kicking in for the "unearned" unemployment income.

 

KIDDIE TAX

https://ttlc.intuit.com/questions/1900671-what-is-the-kiddie-tax

 

 

If you think just closing a bank account means the IRS cannot require you to pay tax due you have some things to learn about the IRS.

 

 

Seek some further help with your tax return from an adult who has some tax experience to go over your return with you before you try to file it.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**